Originally posted by Char-Lee
We are not just talking my neighborhood. Sounds like you are a bank loan officer.
Where are you hiding that you see none of it.

lol, no, I'm an engineer and live in the middle of nowhere in Minnesota. There were two foreclosed homes in my neighbourhood in the past year, and
both were maintained (and recently sold) by the lien holders.

What you've posted there is essentially what I said -- the banks have no motivation to sell a house in a down market, so they're just going to sit
empty until the market comes back. Maybe in some instances the property is so devalued that there is no sense in maintaining it, in which case, like
I said, file a complaint and get it condemned.

Originally posted by ecoparity
I'm really shocked at some people's lack of empathy for the millions of Americans facing this same situation.

The banks jacked up the interest rate and payment amounts on all the ARM's they insisted on writing due to the bank crisis that was caused by the poor
financial practices in finance.

Then, the taxpayers give the financial companies billions of dollars to keep them from going under.

Meanwhile, they continue to foreclose on millions of Americans.

Am I the only one who sees the irony/ hypocrisy of this???

Back in the depression the banks didn't have platoons of riot cops / swat teams ready to help put families out on the street. Local Sheriffs refused
to serve notices as it was extremely common for anyone approaching a family home with papers from a bank to be met by gunfire.

Things got so bad and the public so pissed off that the Government had to bring in the "New Deal" to create jobs, a safety blanket of social welfare,
etc to prevent a revolution.

Big money / big govt sure learned their lessons from that time and even though things are 100 times worse now they actually get normal people standing
up to defend their agenda. Amazing....

First off I think you would be hard pressed to find anyone here who supported the bank bailouts. If I had any say in the matter I would have let the
banks fail, not give them a taxpayer handout. I would also make ARM loans illegal, but again us citizens had no say. And no one here is "standing up
to defend their agenda" - we're stating that people should have some personal responsibility and not sign loans for things that they can't afford.

There is no irony or hypocrisy in taking back something that is not being paid for. If I sold you my car and agreed to let you make payments, should I
just let you keep it because you don't want to pay any more? Even if you lost your job or something, how is it fair that you just get to keep
something you haven't paid for? Why is it up to everyone else to let you have stuff without paying for it? Whether the contract was fair or not - you
signed it! If the mortgage is unfair, dont sign it! Find another lender.

Normal people standing up to defend irresponsibility and taking whatever you want and not paying. Amazing...

Originally posted by ecoparity
I'm really shocked at some people's lack of empathy for the millions of Americans facing this same situation.

The banks jacked up the interest rate and payment amounts on all the ARM's they insisted on writing due to the bank crisis that was caused by the
poor financial practices in finance.

Then, the taxpayers give the financial companies billions of dollars to keep them from going under.

Meanwhile, they continue to foreclose on millions of Americans.

Am I the only one who sees the irony/ hypocrisy of this???

Back in the depression the banks didn't have platoons of riot cops / swat teams ready to help put families out on the street. Local Sheriffs refused
to serve notices as it was extremely common for anyone approaching a family home with papers from a bank to be met by gunfire.

Things got so bad and the public so pissed off that the Government had to bring in the "New Deal" to create jobs, a safety blanket of social
welfare, etc to prevent a revolution.

Big money / big govt sure learned their lessons from that time and even though things are 100 times worse now they actually get normal people standing
up to defend their agenda. Amazing....

First off I think you would be hard pressed to find anyone here who supported the bank bailouts. If I had any say in the matter I would have let the
banks fail, not give them a taxpayer handout. I would also make ARM loans illegal, but again us citizens had no say. And no one here is "standing up
to defend their agenda" - we're stating that people should have some personal responsibility and not sign loans for things that they can't
afford.

There is no irony or hypocrisy in taking back something that is not being paid for. If I sold you my car and agreed to let you make payments, should I
just let you keep it because you don't want to pay any more? Even if you lost your job or something, how is it fair that you just get to keep
something you haven't paid for? Why is it up to everyone else to let you have stuff without paying for it? Whether the contract was fair or not - you
signed it! If the mortgage is unfair, dont sign it! Find another lender.

Normal people standing up to defend irresponsibility and taking whatever you want and not paying. Amazing...

edit on 30-10-2012 by tallcool1
because: spelling

Everything you say is true but I would like to offer another perspective. Personally we am not into material goods so we bought the lowest priced
place we could and still have a decent home and low fixed rate.

BUT my youngest sister is not really very up on money matters and while there was the big housing boom, she was contacted by hundreds of loan
companies.

Now they had an average job only one in the household working first time buyers, not great credit, but the loan company that offered the "greatest
sounding" deal to them kept pushing them to get a BIGGER BIGGER loan, convincing them there was no reason to not get that wonderful upper class home
right away!

Yes they said there is a balloon payment but that is years away, by then with your payment record, the interest will very likely be lower and we can
get you refinanced, If there is a problem...but you can easily save the money between now and then!

They were literally talked into buy more getting a bigger loan that clearly their income could not afford...no down payment it sounded like a
dream.

They lost their home after years of paying and working on the place.

Yes it was their own stupidity, but in the old days when there seemed to be less greed, the loan officer would simply have told them the safe amount
they should look for in a payment for their income and not wanted to talk them in over their heads.

Originally posted by Char-Lee
We are not just talking my neighborhood. Sounds like you are a bank loan officer.
Where are you hiding that you see none of it.

lol, no, I'm an engineer and live in the middle of nowhere in Minnesota. There were two foreclosed homes in my neighbourhood in the past year, and
both were maintained (and recently sold) by the lien holders.

What you've posted there is essentially what I said -- the banks have no motivation to sell a house in a down market, so they're just going to sit
empty until the market comes back. Maybe in some instances the property is so devalued that there is no sense in maintaining it, in which case, like
I said, file a complaint and get it condemned.

You also said:

Either way, they have almost certainly taken the steps required to maintain the property in a salable condition.

Originally posted by Char-Lee
We are not just talking my neighborhood. Sounds like you are a bank loan officer.
Where are you hiding that you see none of it.

lol, no, I'm an engineer and live in the middle of nowhere in Minnesota. There were two foreclosed homes in my neighbourhood in the past year, and
both were maintained (and recently sold) by the lien holders.

What you've posted there is essentially what I said -- the banks have no motivation to sell a house in a down market, so they're just going to sit
empty until the market comes back. Maybe in some instances the property is so devalued that there is no sense in maintaining it, in which case, like
I said, file a complaint and get it condemned.

You also said:

Either way, they have almost certainly taken the steps required to maintain the property in a salable condition.

Yeah, and that's what I don't get. Your initial statement, that they were letting them go because they made more money off of the insurance isn't
correct, but letting them go at all doesn't make any sense, either, because the maintenance is minuscule and the loss would be significant and
completely unnecessary without that minimal maintenance.

Originally posted by ubeenhad
Cause getting proper news out to the public, no matter how small a control group, is journalism.

It was not "proper news", just your biased opinion

Are you insane? Anytime cops show up somewere its news.
When they show up to a situation that has political ramifications and overtones, regardless of opinion its politically important news. It would still
be news if I shared your opinion on the matter, as the semantics of opinions does not negate the worth in regards to jounalism. I can see why some
would consider fox news to be well, actual news.

With your logic the yankees should never be televised in boston. Nor the scores be reported or discussed.

Enough of the anti occupy rhetoric. The movement was right in my opinion especially about the housing crisis and here's why. The banks betted against
all of US who were foolish enough to buy homes via loan where as many people who had in decades past bought homes utilising that system were safe,
that was due to houses steadily gaining value at a rate slower than the interest accrued during the life of the loan. You never actually turned a
profit on your home except rare cases, most times you just broke even. When the bubble was expanding your home could have jumped 10k in value in under
a month which was not good for the banks and their loans. Let's face it if you bought a semi decent home that went from 190k to 240k in 1-2 years you
would sell it the bank may make 5k in interest but you would profit 45 k .so now you could make a down payment skipping pmi insurance and shorting the
bank nearly 100k in profit on interest and kick backs. How ever balloon payments and arm mortgages where a hedge against that... if you were to
default which they could easily engineer they keep the cash you paid, auction the house off at a nice profit then sue you into bankruptcy. Fortunately
their greed got the best of them and almost ruined their scheme when the bubble finally burst. Unfortunately G.W.B quickly stepped in and put a nice
TARP over them to shield them from the crumbling scheme. that in it's self kept this nightmare going for most home owners.

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